BlackRock Jumps Ahead of JP Morgan in Copper ETF Race (BLK; JPM)

From Reuters:

BlackRock could eventually take 121,000 tonnes of copper to back product
* BlackRock's copper ETF pool double the size of rival JPM product


BlackRock Inc, the world's largest money manager, has won approval from the U.S. securities regulator to list a copper-backed exchange-traded fund, potentially moving ahead of JPMorgan whose listing of a similar product has been delayed by industry objections.

The U.S. Securities and Exchanges Commission approved a proposed rule change to list and trade shares of the iShares Copper Trust on NYSE Arca, it said on its website (www.sec.gov).

The launch of copper ETFs are intended to give large U.S.-based funds easier access to the copper market, but some industrial users worry that such products will remove a large chunk of the metal from the market and inflate prices....MORE